Mortgage rates are mixed today. The average rate on 30-year fixed mortgages rose, the average rate on 15-year mortgages remained unchanged and the average rate on 5/1 ARMs rose.

Rates on mortgages change daily, but overall, they are at near record lows. If you’re in the market to purchase or refinance, it’s a great time to lock in a rate.

30-year fixed mortgages

The average 30-year fixed-rate mortgage is 3.42%, up 1 basis point from a week ago.

At the current average rate, you’ll pay about $445 per month in principal and interest for every $100,000 you borrow.

You can use this mortgage calculator to estimate your monthly payments and see the effect of adding extra payments. It will also help you calculate how much interest you’ll pay over the life of the loan.

15-year fixed mortgages

The average 15-year fixed-rate mortgage is 2.69%, unchanged from a week ago.

Keep in mind that shorter-term loans like 15-years come with a trade-off: You’ll pay more per month, but you’ll also save thousands of dollars over the life of the loan.

For example, monthly payments on a 2.69%, 15-year loan would cost around $676 for every $100,000 borrowed.

Over a 15-year term, the total interest payments would be around $21,639. That’s about $38,414 less than what you’d pay in interest with a 30-year loan at today’s rate.

5/1 adjustable-rate mortgages

The average 5/1 ARM is 2.92%, up 1 basis point from a week ago.

These types of loans are best for those who expect to sell or refinance before the first or second adjustment. Rates could be substantially higher when the loan first adjusts.

Monthly payments on a 5/1 ARM at 2.92% would cost about $417 per month for the initial 5 years. With rate caps of 2/2/5, monthly payments could balloon to $728 per $100,000 at the final adjustment.

Refinancing with today’s rates

Mortgage rates moved up and down by small increments this week. But despite those tiny movements, rates are still near record lows.

For homeowners that still carry a rate that’s above the current average, it’s a good time to think about refinancing.

Refinancing can not only lower your monthly payment to the bank, but it can get rid of mortgage insurance and cut down on interest payments.

Use this mortgage refinance calculator to see if you’ll benefit from refinancing.

Where rates are headed

According to Bankrate’s Rate Trend Index, 18% of the panelists think mortgage rates will increase over the next week or so, 36% think rates will fall and 46% think rates will remain the same.

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You will see these rates listed on Bankrate site averages; these calculations are run after the close of the business day. Included there are rates and/or yields we have collected on the previous day for a specific banking product.